Some financial industry players have advised heads of various schools in the country to put in place proper governance and administrative measures to make it easier in securing funds.
The advice follows the difficulty some schools face in trying to secure funding to undertake projects for their schools.
Speaking to Citi Business News, at a programme as part of the OmniSME Clinic, the Head of Credit at OmniBank, Stephen Avornyoh was of the view that accurate documentation of all school records and financial standing will make it easier for schools to secure funds from banks.
“The problems we have identified with schools is the fact that there are improper financial management which makes it difficult for the schools to attract financing partners like banks and other institutions. Our advice is that schools must have structural financial management in place in order to make them bankable,” he said.
Mr. Avornyoh added that, schools should operate on a well-planned budget in order not to overspend.
“When we talk of having financial management in place, we mean that the schools need to have a budget or a proper plan of how the resources will come in and how they should be applied,” he stressed.
He maintained that schools “need to have a good banking culture where they are able to deposit funds received and withdraw them in order for the banks to be able to see the total size of the business as reflected in their bank statements”
He added that “There is also the need for schools to have competent management in place and a competent staff to run the affairs of the school”.
Mr. Avornyoh made these comments at the sidelines of the OmniSME Clinic, which was organized on the theme “Financial Management for Educational Institutions”.
About SME Clinic
The OmniBank SME Clinic provides free training to SME business owners and managers on regular basis.
The clinic further engages participants with leading experts on best practices and solutions for managing various aspects of their businesses.
OmniBank SME Clinic also seeks to promote the sustainable growth of small and medium enterprise across the country.
Some topics touched on include business development, marketing, human resource, management and financial management.